The Republican attempts in 2011 to weaken Social Security in the name of deficit reduction were to be expected; the mixed signals of the Democrats in terms of defending it were concerning. What saved Social Security from cuts was mobilization by organizations such as Strengthen Social Security of the public which overwhelmingly supports the programContinue reading “Social Security Survives Elite Attempts to Weaken It in 2011”
Author Archives: admin
Don’t Go After Military Pensions
By DARRELL DRIVER, JIN PAK and KYLE JETTE New York Times December 27, 2011 http://www.nytimes.com/2011/12/27/opinion/military-pensions-are-essential.html?_r=1 Washington AS the nation’s budget pressures prompt officials to scour the Defense Department for cuts, one tantalizing target is the military retirement system. The Pentagon has reportedly been considering replacing the guaranteed pension that, for more than a century, hasContinue reading “Don’t Go After Military Pensions”
How Payroll Tax Cut Affects Social Security’s Future
by David Welna National Public Radio, December 7, 2011 President Obama put Congress on notice Tuesday in a speech in Osawatomie, Kan. He said that unless a temporary payroll tax cut is extended this month, 160 million Americans would see their taxes go up next year by an average of $1,000. But there’s concern on both sidesContinue reading “How Payroll Tax Cut Affects Social Security’s Future”
Oppose Social Security Tax Cut
by Steve Max www.portside.org December 1, 2011 Yesterday I received an e-mail from MoveOn summoning me to a demonstration in support of the Obama Administration’s attempt to fundamentally restructure Social Security and shift half of its funding into the congressional budget processes. Of course MoveOn never mentioned Social Security. They are deceiving their members byContinue reading “Oppose Social Security Tax Cut”
Social Security Payroll Tax Cut – A Temporary Stimulus with Permanent Damage
by  Charles A. Blahous FoxNews.com Published September 23, 2011 http://www.foxnews.com/opinion/2011/09/23/social-security-payroll-tax-cut-temporary-stimulus-with-permanent-damage/ As a former colleague of mine has astutely observed, sometimes the most consequential policy mistakes occur because everyone is looking the other way. The President’s latest “jobs” proposal to extend, and expand, cuts in the Social Security payroll tax is a good example. While nearlyContinue reading “Social Security Payroll Tax Cut – A Temporary Stimulus with Permanent Damage”
Security Plus Annuities – A Bad Idea
The Aspen Institute recommends establishing “Security Plus Annuities†to supplement Social Security benefits, an idea endorsed by Richard H. Thaler, a University of Chicago economics professor with ties to the financial services industry, in the New York Times (“Getting the Most Out of Social Security,†July 16, 2011). The idea is that individuals would be ableContinue reading “Security Plus Annuities – A Bad Idea”
Why 401(k)s Failed
As Boomers are preparing to retire, the news is full of stories about how their 401(k) plans are coming up short. Most of the stories imply that it’s the Boomers own fault for not saving enough. That explanation, though, grossly distorts the cause of the growing retirement crisis in the United States that was fueledContinue reading “Why 401(k)s Failed”
“Get Radical: Raise, Don’t Save, Social Security†by Thomas Geoghegan—New York Times op-ed article.
Thomas Geohegan’s “Get Radical: Raise, Don’t Save, Social Security†(New York Times, June 19, 2011) eloquently makes the argument that Social Security revenues and benefits both need to be raised, especially since 401(k)s have failed to provide sufficient retirement income.
Guest Post: Defined-Contribution Plan v. Defined-Benefit Plan by Glen Brown
 With a few exceptions, Defined-Contribution Plans were not initially created as retirement vehicles but rather as supplementary savings accounts  With a Defined-Contribution Plan (401k, 403b, 457), only your contributions are defined  A Defined-Contribution Plan shifts all the responsibilities and all the risk from the employer to the employee; thus, your benefit isContinue reading “Guest Post: Defined-Contribution Plan v. Defined-Benefit Plan by Glen Brown”
“Shedding Light on Excessive 401(k) Fees†– New York Times article
Ron Lieber’s “Shedding Light on Excessive 401(k) Fees†(New York Times, June 3, 2011) provides a useful concise introduction to the myriad fees embedded in 401(k) and other private retirement investment plans and how they add up to substantial losses for participants. It is important though to note that even if courts or Congress findContinue reading ““Shedding Light on Excessive 401(k) Fees†– New York Times article”